Xin Lang Cai Jing·2026-01-05 11:45Industry Overview - In October 2025, China's new energy vehicle (NEV) sales reached approximately 1.715 million units, accounting for 51.6% of total new car sales, marking a significant shift in the market dynamics [1][11] - By November 2025, the penetration rate of NEVs further increased to 53.2%, indicating a transition from niche to mainstream consumer choice [1][11] - The automotive market is expected to face challenges as multiple consumer stimulus policies are set to exit, leading to a return to a demand-supply driven seasonal operation [1][12] New Entrants and Performance - Leap Motor emerged as the top new force with 596,600 units delivered, surpassing competitors like NIO, Xiaopeng, and Hongmeng Zhixing [3][14] - Xiaopeng Motors delivered 429,400 units, while Li Auto and NIO delivered 406,300 and 326,000 units respectively, with NIO experiencing a significant sales boost in Q4 due to the new ES8 model [3][14] - Xiaomi Auto achieved over 410,000 units, exceeding its target of 350,000 units, and plans to challenge a target of 550,000 units in 2026 [6][16] Established Brands Performance - BYD sold 4.6024 million vehicles globally, achieving its target and becoming the world's top seller of pure electric vehicles with 2.26 million units sold, a 28% year-on-year increase [7][17] - Geely and Changan both met their sales targets, with Geely selling 3.0246 million vehicles and Changan reaching 2.913 million, with significant growth in their NEV segments [8][18] - Great Wall Motors and Chery reported sales of 1.3237 million and 2.6314 million units respectively, with Chery's sales boosted by its collaboration with Huawei [8][18] Market Dynamics and Future Outlook - The competition among new entrants and established brands is intensifying, with the market expected to undergo significant changes as policy support diminishes [1][12] - The automotive industry is preparing for a challenging 2026, with various companies adjusting their strategies to maintain competitiveness [1][12]